Learning Financial Literacy

I still remember my first allowance my mother gave me for doing chores at home when I was just five years old. I saved them in a piggy bank for toys and books, and from this I learned about the value of the dollar and very quickly how to budget. Sadly, money management usually isn't something we're taught in school. If we're lucky, our parents have strong money skills and pass them on to us. If we're unlucky, we pick up our parents' bad habits and may spend a lifetime trying to correct them.

The parents can, however, be proactive with their children and one of the greatest teaching tools is the allowance. What exactly an allowance means? Is it an entitlement – since every kid gets it, or a salary that kids get paid for work done? It can be either of these things, but consider the lessons learned from either approach: what do kids learn when they're given money as an entitlement? Treating an allowance as a salary for work has its drawbacks as well. Kids should be contributing to chores around the house as part of belonging to a family. If children need money to help around the house, it may end up as the only motivating factor toward chores.


Parents should use the allowance as a teaching tool for saving, spending, and budgeting and as a discussion point with the kids regarding the uses of money. How big should the allowance be? If all the child's desires are met, there's no need to budget and no lessons are learned. Children should have to make choices and learn to save for what they want. There is no hard dollar value here, but if the kids are able to easily buy all the toys and treats they desire, then it might be useful to shrink the allowance.


How much control should parents have over their children’s spending? Children should be allowed some degree of freedom, but there also needs to be ground rules. Parents should encourage savings and charitable habits. For example, smaller children can be given different piggy banks for saving, for spending, and for charity, or even a savings account at the bank. Older kids can learn the lesson of compound interest with interest earning savings accounts. I still remember as a child being taken to the bank by my father after birthdays and Christmas to deposit my cash gifts. He showed me my account balance and the interest I have earned.


What about paying when kids go above and beyond the call of duty? Though basing an allowance solely upon work done has its drawbacks, "extra credit" for more difficult tasks can be a good idea. In this case, pay should be based on the difficulty of the task and the time it takes to complete. Parents should use allowances as a teaching tools and talk to the kids about their spending and savings habits, set some ground rules, and lead by example. Financial literacy and strong savings habits are the foundation of a successful financial future and one of the precious gifts that the parent can give to their kids.

The Middle School Daughter and Parents

The middle school years are a pivotal period for the daughter-parent relationship. Nagging about homework and chores is only one way to build up the conflicts. The inner grief at losing the closeness with their once sweet “little girl” was expressed through frustration, anger, and attempt for control by the parents. Admit it or not, the parents realize they are on the downward slope of losing positive influence with their daughter.
Before things go out of hand, the parents have to step back, reflect, and take responsibility to change their attitudes and actions to save the relationship. What the daughter needed from the parents is unconditional love. She is experiencing the inner turmoil of developmental confusion, fears, and relationship struggles. What she need is the parents who would remain calm, listen, and respectfully set limits and expectations. The parents should develop a mantra to think before acting to keep them on track, and put the relationship at the center. "Will what I am about to say or do build or break my relationship with my daughter?" If it is about to damage the connection and relationship, the parents should stop themselves before the damage is done. The parents should learn to consider both of their feelings and perspectives and work on having open dialogue. On the other hand, the relationship should be built upon mutual respect. The parents should not be the doormat trying to please, or the dictator trying to control.

Learning self-control takes time. When the parents blow it, they should apologize and make amends. The best way to teach her how to take responsibility for herself is by example of taking responsibility by the parents. Occasionally, there may be undesirable actions involving lying, alcohol, and boys. The bottom line is to stay connected and continue to be the most important influence and source of strength in her life. It is important to know that her brain is growing and maturing: She will not always be stuck in this confused state. Before long, she will realize and appreciate the efforts of the loving parents.

Swim for Life

August 2nd was a typical blistering hot summer day in northwest Louisiana. It supposed to be a happy family gathering for a large group of relatives and friends, including approximately 20 children, when they arrived at Charles and Marie Hamel Memorial Park in far south Shreveport, a popular area for picnics, swimming, boating and wading. While the adults were preparing the barbecue, most of the kids went to play in the Red River. They had been there about 10 minutes when the tragedy happened. The teens had started wading in a familiar area where the water was shallow, but they wound up at a spot where the river bottom dropped off although just several feet into the river. Apparently one of the teens stepped off of a ledge and into an 18-foot sinkhole. The others went in to try to rescue the teen, but none of them could swim. They started to slip, one grabbing the other one, one trying to save the other one -- and then seven teenagers were struggling and fighting for their lifes. Unfortunately, none of the teenagers could swim, nor the adults who were watching them from the bank. As the teenagers yelled for help, parents and relatives could do nothing but watching them drown one by one. The lone life jacket nearby was thrown to the victims, but none could reach it. At the end, only one, a 14-year-old, was rescued by a nearby swimmer. Six teenagers from two families, age 13 to 18, drowned.

The tragic drownings highlight an unsettling statistic in this country. 41.8 percent of white children have little or no swimming ability, while the number is stunning 69 percent for black children, according to a study released last spring by the sports governing body USA Swimming.

Parental fear and lack of parental encouragement were the top two reasons children and parents gave for not swimming. The continuing cycle of people not knowing how to swim and their children not knowing how to swim should end. Adults should not pass their fear of water onto their children. The parents should lead by example and learn to swim with their children. You don’t need to swim like Michael Phelps. At least you should be able to keep yourself float long enough to wait for rescue. This is one of the most precious gifts that the parent can give to their children – because it may save their lives someday.

Teenagers’ Bill of Right and Responsibility

The 12 items listed below address many of the legal right and moral obligations teenagers have to their family and the society.

1. We, as teenagers, have a right to be treated with respect.

2. We have the right to say no and not feel guilty.

3. We have the right to make mistakes or change our minds.

4. We have the right to know what is happening within our own home.

5. We have the right to ask questions and expect answers about all things which may affect us and the family.

6. We have the obligation to respect and love our parents and siblings.

7. We have the obligation to let our parents know where we are, who our friends are, and who we are with at any time.

8. We have the obligation to communicate with parents about our school-related academic and social activities.

9. We have the obligation to fulfill the assigned chores and other family responsibilities appropriate to our ages.

10. We are obligated to follow house rules and understand the appropriate consequences.

11. We are obligated to participate in family activities, which may include meals, outings, study time, vacations, and other family together.

12. We are obligated not to attend at activities where alcohol or drug usage may occur.

Father's Day

Today is the Father's Day Centennial Celebration. Father's Day was originated through the efforts of Sonora Smart Dodd of Spokane, Washington. When Sonora was 16 years old, her mother died in childbirth with her sixth child.  Her father was a Civil War veteran and was left alone to raise the family of six children. Sonora was the only daughter and shared with her father in the raising of her five younger brothers. After listening to a church sermon in 1909 about the newly recognized Mother's Day, Dodd felt strongly that fatherhood needed recognition as well. She wanted a celebration that honored fathers like her own father. The first observance of Father's Day is believed to have been held on June 19, 1910.

Officially reorganization of Father’s day went through a difficult route for decades. Until 1966, President Lyndon Johnson issued the first presidential proclamation honoring fathers, designating the third Sunday in June as Father's Day. Six years later, it was made a permanent national holiday when President Richard Nixon signed it into law in 1972. It is also celebrated in more than 55 countries.

Sonora Smart Dodd died in 1978 at the age of 96. She was buried in Greenwood Memorial Terrace, Spokane Washington, USA.

A father has a special relationship with his daughter as he wants to protect her by instinct as soon as she comes to this world, while she will judge all men by his standard.

Happy Father’s Day to all fathers, step-fathers, fathers-in-laws, godfathers and everyone who plays the role of a father.